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[在线答疑] 【AP宏观经济】99%的AP经济考生都收藏这篇文章!(中)

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发表于 2016-1-12 15:57:12 | 显示全部楼层 |阅读模式

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III.National Income and Price determination


III. National Income and Price Determination (10–15%)
A. Aggregate demand 总需求
1.Determinants of aggregate demand 总需求的决定
2.Multiplier and crowding-out effects 乘数效应与挤出效应

B. Aggregate supply 总供给
1.Short-run and long-run analyses 短期与长期分析
2.Sticky versus flexible wages and prices 工资与价格的黏性与自由伸缩性
3.Determinants of aggregate supply 总供给的决定

C.Macroeconomic equilibrium 宏观经济均衡
1.Real output and price level 实际产出与价格水平
2.Short and long run 短期与长期
3.Actual versus full-employment output 实际产出与充分就业产出
4.Economic fluctuations 经济波动

This section introduces the aggregate supply and aggregatedemand model to explain the determination of equilibrium national output andthe general price level, as well as to analyze and evaluate the effects ofpublic policy. It is important to discuss the aggregatedemand and aggregate supply concepts individually to provide studentswith a firm understanding of the mechanics of the aggregate demand andaggregate supply model.
   The aggregatedemand and aggregate supply analysis often begins with a general discussion ofthe nature and shape of the aggregate demand and aggregate supply curves andthe factors that affect them. A detailed study of aggregate demand may begin bydefining the four components of aggregate demand: consumption,investment, government spending and net exports. It also examines whythe aggregate demand curve slopes downward and how changes in the determinantsaffect the aggregate demand curve. The spending-multiplierconcept and its impact on aggregate demand, and how crowdingout lessens this impact, should be demonstrated as well. The course canthen present the definition and determinants of aggregate supply and thedifferent views about the shape of the aggregate supply curve in the short run and in the long runand highlight the importance of the shape in determining the effect of changesin aggregate demand on the economy. It is also important to understand thenotion of sticky-price and sticky-wage models and their implication for theaggregate supply curve in comparison to flexible pricesand wages.
   Studentsshould be able to use the aggregate demand and aggregate supply model todetermine equilibrium income and price level and to analyze the impact of economicfluctuations on the economy’s output and price level, both in the short run andin the long run.
A
1.总需求
总需求:它表示任何一种既定的物价水平下经济中所有物品和劳务的需求量。在现阶段大家可以参照需求曲线来记忆,即价格与需求量之间反向变动的关系。

总需求的构成:Y=C+I+G+NX,总需求由消费、投资、政府购买和净出口构成。

影响总需求的因素:总需求Y=C+I+G+NX,可见,影响C、I、G、NX的因素都能够影响到总需求。消费受居民收入、利率影响,投资受利率影响,G是政府政策,NX受贸易政策、汇率影响。

2.乘数效应与挤出效应
乘数效应:乘数有很多种,投资乘数、政府购买乘数、税收乘数等等,它们都是指一个变量发生变化后引起收入的变动与该变量变动量的比值。叙述有点绕,看公式,乘数=ΔY/ΔX,这里X可以代表上面说的变量。

挤出效应:指政府支出增加所引起的消费或投资降低这种现象。
注意乘数效应与挤出效应的对比,同样是政府支出增加,一个会引起收入的多倍增长,从而消费增加,一个却导致消费下降。原因在于二者所基于的经济状况不同,乘数效应起作用时,经济中有大量闲置资源,政府支出的增加不会抬高资本市场的利率,从而不会导致投资降低。而挤出效应是经济已经没有闲置资源,此时政府增加支出,必然会破坏资本市场的均衡,抬高利率,从而挤出投资。
B
总供给
总供给:它表示任何一种既定的物价水平下经济中所有物品和劳务的供给量。

短期和长期的不同:
    短期:总供给曲线向右上方倾斜,产量随价格变动
    长期:总供给曲线垂直,产量与价格无关

工资与价格的黏性与自由伸缩性:对应于短期和长期,短期内工资与价格黏性(即变动缓慢甚至不变动),长期内自由伸缩(自由变动)。但同时,在短期内,凯恩斯学派认为工资与价格是黏性的,而古典学派认为它们是自由伸缩的,这是两个学派争论的焦点。

总供给的决定

C
宏观经济均衡
用下面这个图就可表示出C中提到的所有变量与现象。

AD与SRAS相交处代表着短期均衡,所决定的产出YE就是短期实际产出和短期价格水平PLE;
AD与LRAS相交处代表着长期均衡,产出固定在YF处不变,价格随意波动。
当AD或SRAS移动的时候,短期内会导致均衡产出的变动;LRAS的移动会导致长期均衡产出的变动,从而导致了经济增长或萧条。


IV.Financial sector
IV. Financial Sector (15–20%)
A.Money, banking and financial markets 货币、银行与资本市场
1.Definition of financial assets: money, stocks, bonds 货币、股票与债券的定义
2.Time value of money (present and future value) 货币的时间价值
3.Measures of money supply 货币供给的度量
4.Banks and creation of money 银行与货币的创造
5.Money demand 货币需求
6.Money market 资本市场
7.Loanable funds market 可贷资金市场


B.Central bank and control of the money supply 中央银行和控制货币供给
1.Tools of central bank policy 政策工具
2.Quantity theory of money 货币数量论
3.Real versus nominal interest rates 实际与名义利率

   Tounderstand how monetary policy works, students must understand the definitionsof both the money supply and money demand and the factors that affect each of them.Here the course introduces students to the definition of money and otherfinancial assets such as bonds and stocks, the time value of money, measures ofthe money supply, fractional reserve banking and the Federal Reserve System. Inpresenting the money supply, it is important to introduce the process ofmultiple-deposit expansion and money creation using T-accounts and the use ofthe money multiplier. In learning about monetary policy, it is important todefine money demand and examine its determinants. Having completed the study ofmoney supply and money demand, the course should proceed to investigate howequilibrium in the money market determines the equilibrium interest rate, howthe investment demand curve provides the link between changes in the interestrate and changes in aggregate demand, and how changes in aggregate demandaffect real output and price level. Students should have an understanding offinancial markets and the working of the loanable funds market in determiningthe real interest rate. It is also important that students develop a clearunderstanding of the differences between the money market and the loanablefunds market.
   Having an understanding of the financialmarkets, students should identify and examine the tools of central bank policyand their impact on the money supply and interest rate. Students shouldunderstand the distinction between nominal and real interest rate. Studentsshould also be introduced to the quantity theory of money and examine andunderstand the effect of monetary policy on real output growth and inflation.

A
1.货币、股票、债
货币:一种交换媒介,通过它使得物物交换的弊端得到克服,从而活跃了经济。
    股票(stock):代表企业所有权,进而可以索取企业的利润。
    债券(bond):是规定借款人对债券持有人负有债务责任的证明。

货币的时间价值:由于利率和通货膨胀的存在,货币即有收益又有成本。因为把钱存在银行,至少可以得到利息,但得到利息的同时会遭遇通货膨胀所导致的实际购买力的降低。因此未来的货币拿到现在需要经过换算——折现,公式为P0=Pt/。

货币供给的度量:货币供给指是指某国银行系统向经济体中投入(或回笼)货币的过程。一般来说,货币量=通货+活期存款+小额定期储蓄存款+大额定期存款。

银行与货币的创造:当银行只把部分存款作为准备金时,账面数额加上贷款数额使得经济中货币的数额比原始发行的货币额多,此时称银行创造了货币,这个比值称为货币乘数。

货币需求:D=L(i,Y),货币需求与利率呈反比,与收入呈正比。因此,当经济繁荣时,货币的需求会增加,此时中央银行需要发行货币,以满足市场对货币的需求。

资本市场:中央银行作为货币的供给方,公众及企业作为货币的需求方,由此形成的市场称为货币市场或资本市场。

可贷资金市场:以货币为商品交易的市场称为可贷资金市场。考虑储蓄和投资,居民储蓄与利率呈正比,企业投资与利率呈反比,这样可贷资金市场就可以用下图来表示。


B
1.政策工具
中央银行控制货币供给的政策工具主要有三种:公开市场业务、法定准备率和贴现率。

公开市场业务(open-marketoperations):指中央银行通过买卖政府债券来调节货币供给。当中央银行从公众手里购入债券时,公众持有的债券变成了货币,从而货币供给增加;反向就是减少货币供给。
法定准备金率(reserverequirements):指中央银行对商业银行存款准备金的规定,存款准备金比率上升会抑制可贷资金的数量,从而降低货币乘数,进而减少货币供给。

再贴现率(discount rate):指中央银行向商业银行发放贷款时所收取的利率。

货币数量论:MV=PY,货币数量M乘以货币流通速度V等于产品的价格P乘以产量,这个公式称为数量方程式。当假设货币流通速度V不变时,P=MV/Y,价格与货币数量成正比,与产出Y成反比。

实际与名义利率:把货币储存在银行里,一段时间之后得到利息,同时由于通货膨胀的存在,货币的实际购买力减少。我们把银行支付的利率称为名义利率i,则实际获得的利率是i-π,经过通货膨胀调整之后的利率称为实际利率r,它衡量了货币实际购买力的变动。

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